{"F": {"ts_code": "600030.SH", "name": "中信证券", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "证券Ⅱ", "sw3": "证券Ⅲ", "ind": "证券Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20030106", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 27.99, "pe_ttm": 11.028, "pb": 1.4801, "dv_ttm": 2.5009, "total_mv": 43732337.9214, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [543.8, 765.2, 651.1, 600.7, 637.9, 748.5], "np_series": [149.0, 231.0, 213.2, 197.2, 217.0, 300.8], "roe_series": [8.7, 11.8, 9.2, 7.6, 7.7, 9.8], "period": "20260630", "rev_ttm": 915.1, "np_ttm": 397.0, "ocf_ttm": 1493.8, "fcf_ttm": 1478.1, "fcf_yield": 33.8, "ocf_yield": 34.2, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 34.2, "roe_median": 9.2, "commodity": false, "hard_ratio": 0.4, "fix_assets": 86.6, "goodwill_ratio": 0.3, "pb_calc": 1.25, "capex_dep": 0.88, "interest_debt": 2426.3, "debt_ebitda": null, "debt_ratio": 85.5, "debt_mv": 55.5, "payout": 36.5, "div_years": 5, "rev_cagr3": 4.8, "np_cagr3": 12.2, "rev_yoy": 50.0, "np_yoy": 69.6, "np_vol": 25.2, "loss_years": 0, "far_share": 55.0, "earn_yield": 9.1, "consensus_n": 26, "fwd_pe": 10.8, "fwd_pe2": 9.9, "fwd_g1": 3.0, "fwd_g2": 9.0, "peg": 1.2, "consensus_disp": null, "mainbz": [["手续费及佣金净收入：手续费及佣金收入合计", 17.0], ["手续费及佣金净收入", 12.0], ["证券投资业务", 11.0], ["投资收益", 8.0]], "ret_prev_year": -0.6, "ret_prev2_year": 51.0, "ret_ytd": -0.1, "ret_pivot": 54.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.1, "ret_60": 9.7, "ret_120": 10.5, "ret_250": -11.0, "mdd_250": -24.1, "vol_250": 24.7, "pos_52w": 90.3}, "S": {"duration": 24, "pricing": null, "hard": null, "bondness": 46}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["中信证券 是证券Ⅱ。银行赚的是利差,券商保险赚的是资产端与费率,毛利率与固定资产两个轴对它没有意义。", "ROE 近 5 年中位 9.2%,PB 1.48倍,股息率 2.5%,分红率 36%。", "利率上行对银行是净息差扩张(少数受益方向);对保险是资产端浮亏、对券商是交投与融资成本。"], "加息期怎么走": "按笔记:日债/美债收益率上行期,银行股是例外的受益方向;红利型大行按'现金流红利'拿,盯息差而不盯黄金。", "四问": [["当前 FCF 能覆盖多少市值?", "金融业现金流表不适用;用盈利收益率 9.1%(1/PE)与股息率 2.5% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.0 倍 粗算,约 55%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -11%,最大回撤 -24%,年化波动 25%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 0% / 10% / 10%。", "行业对照": ["同申万二级「证券Ⅱ」50 家中位:PE 15.7 / 股息率 1.9% / 毛利率 10.2% / 固定资产占比 0% / 分红率 33%。", "中信证券:PE 比行业中位低 4.7倍;股息率 比行业中位高 0.6个百分点;毛利率 ;固定资产占比 与行业中位持平。"]}}